Domain will partner with the Regional Australia Institute (RAI) in its ‘Move to More’ campaign, which aims to showcase all vibrant regional communities can offer those seeking a tree change.
The national property platform will use its data-based regional property insights to highlight the opportunities and challenges that exist in the regional property market, including rising demand and housing supply shortages.
“As the property partner to the Regional Australia Institute we will use our insights and research to help consumers and governments make confident property decisions that support a thriving regional Australia,” Domain Chief Executive Officer Jason Pellegrino said.
Domain’s latest regional property insights revealed national regional house prices are almost half that of the combined capital cities, at $570,000 compared to $1.06 million.
Houses in regional areas have sold 33 per cent faster than at the same time last year, while buyer demand for houses in regional areas remains well above pre-pandemic levels.
Domain data also slows demand for regional property has been on the rise since May this year, after a few months of modest decline, most likely driven by interest rate rises putting pressure on metro property market affordability.
“We look forward to working with RAI as we collectively face increasingly complex issues of housing affordability, supply shortages, changing demographics of our regional towns and communities and what that means for housing, land release and valuations,” Mr Pellegrino said.
Domain data also shows that regional Australia is not immune to the challenges faced in the metro property markets regarding housing affordability and rental shortages.
The regional rental market is firmly in favour of landlords with a vacancy rate of just 0.6 per cent across the combined regional areas.
Over the past year, keyword searches on Domain for ‘regional’ have increased 57 per cent, showing hard numbers behind the popular ‘tree change’ narrative.
“RAI research confirms that the opportunity for more space and more value is a leading pull factor for Australians considering a move to the regions. We are delighted to partner with Domain, Australia’s property marketplace, in showcasing the array of homes and exceptional value on offer in regional Australia,” Regional Australia Institute Chief Executive Officer Liz Ritchie said.